The case involves an application filed by the Resolution Professional (RP) of Payism Technologies India Private Limited, referred to as the 'Corporate Debtor/CD', under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016, read with relevant NCLT Rules. The RP sought liquidation of the Corporate Debtor due to the expiration of the CIRP period and the absence of any resolution plans. The Corporate Debtor's CIRP was initiated on 17.06.2022, and the RP was appointed. The RP made public announcements and constituted a Committee of Creditors (CoC). However, the CoC did not cooperate, failed to disburse fees, and did not approve expenses. The maximum period for CIRP completion expired on 14.12.2022, and no resolution plans were received.
Payism Technologies India Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) initiated on 17.06.2022. The Resolution Professional (RP) was appointed and made public announcements, inviting claims from creditors. The Committee of Creditors (CoC) was constituted with two financial creditors: Mr. Nune Chiranjeevi Nagaraju (59.89% voting share) and Mr. Nune Kiran Kumar (40.11% voting share). The CoC approved the CIRP budget and the RP's remuneration in the first meeting. The RP invited Expressions of Interest (EOI) but received none. The CIRP period of 180 days was about to expire on 14.12.2022. The CoC did not disburse the RP's fees, only approving Rs. 1,50,000 for the IRP period. The CoC sought information on recoveries but was
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Payism Technologies…
CIRP initiated for the…
The case involves an application filed by the Resolution Professional (RP) of Payism Technologies India Private Limited, referred to as the 'Corporate Debtor/CD', under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016, read with relevant NCLT Rules. The RP sought liquidation of the Corporate Debtor due to the expiration of the CIRP period and the absence of any resolution plans. The Corporate Debtor's CIRP was initiated on 17.06.2022, and the RP was appointed. The RP made public announcements and constituted a Committee of Creditors (CoC). However, the CoC did not cooperate, failed to disburse fees, and did not approve expenses. The maximum period for CIRP completion expired on 14.12.2022, and no resolution plans were received.
Payism Technologies India Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) initiated on 17.06.2022. The Resolution Professional (RP) was appointed and made public announcements, inviting claims from creditors. The Committee of Creditors (CoC) was constituted with two financial creditors: Mr. Nune Chiranjeevi Nagaraju (59.89% voting share) and Mr. Nune Kiran Kumar (40.11% voting share). The CoC approved the CIRP budget and the RP's remuneration in the first meeting. The RP invited Expressions of Interest (EOI) but received none. The CIRP period of 180 days was about to expire on 14.12.2022. The CoC did not disburse the RP's fees, only approving Rs. 1,50,000 for the IRP period. The CoC sought information on recoveries but was
…Payism Technologies…
CIRP initiated for the…